Mortgage Settlement Possibly Forthcoming

Housing and Urban Development and some state officials are negotiating a settlement in the ballpark of $25 billion, with the 5 largest mortgage providers: J.P. Morgan Chase, Bank of America, Citigroup, Ally Financial, and Wells Fargo that could benefit some homeowners with troubled mortgages, the Wall Street Journal reported today.

Some homeowners could benefit by having the principle of their mortgage decreased, interest rates reduced, and other alternatives including cash.